The city’s Industrial Development Agency was expected Tuesday morning to approve a set of tax incentives for an agricultural firm that plans to develop a new building at the Tech Farm on Pre-Emption Road.
According to City Manager Matt Horn, the proposed incentive package for Agro Research International involves a 15-year property tax abatement. Horn said the company would be taxed at the value of land only for a period of five years. In the sixth year, 10 percent of the building value, which Horn said is anticipated to be $2 million, would be added to its assessment through year 15.
Horn said Agro Research also is eligible for sales tax exemptions on eligible development expenses and a mortgage tax exemption for any financing. Work on the Agro Research International’s new building has not begun, but Horn expects the company’s plans to come before the city Planning Board in August.
Agro Research International is looking to build a 6,000-square-foot facility at the Tech Farm, where it currently operates in the existing building with a number of other startups.